NEW YORK (TheStreet) -- First Solar (FSLR) is up Monday on the first day of trading since it announced the completion of its Japanese power plant in Kitakyushu-shi. The solar energy powered plant will generate 1,400 megawatt-hours of clean electricity per year for the country.
First Solar Chief Commercial Officer Joe Kishkill noted Japanese interest is moving away from nuclear energy in favor of cleaner alternatives in Sunday's press release. Kishkill stated, "Japan has ambitious solar power development goals to help mitigate the dependency on nuclear energy. The completion of the Kitakyushu-shi project supports that commitment along with providing electricity users with a fuel alternative that is safe, can be rapidly deployed, and has the smallest carbon footprint."
Japan has ramped up its efforts to go green in the aftermath of the Fukushima Nuclear plant meltdown in 2011 which caused 300,000 people to evacuate the area surrounding the plant and will cost the Japanese government between $100 billion and $235 billion to rebuild over the five years following the disaster, according to the World Bank. Japan's nuclear industry currently supplies a third of the country's electricity. China, Japan and the U.S. are currently driving demand for solar power.
First Solar is the U.S. largest solar panel manufacturer. First Solar rose 4.3% to $56.46 Monday.
TheStreet Ratings team rates FIRST SOLAR INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: